Income protection is a class of insurance policies designed to protect your income against accident, sickness or redundancy. There are several forms of income protection which depend on if you are protecting mortgage payments, loan payments or just your income. Income protection advice is available if you call us 01388 607105
Income protection insurance protects your income against accident, sickness and unemployment. The key point about income protection insurance is that a monthly benefit is paid irrespective of your financial commitments - you don't need a mortgage or loan. You can take out income protection insurance as well as mortgage protection insurance.
Loan protection insurance is usually taken out when you take out a loan. Loan protection insurance is just designed to cover the loan repayments. The loan protection insurance policies we offer just cover accident, sickness and unemployment. Our loan protection insurance policies do not life or critical illness cover provide.
Mortgage protection insurance, on the other hand, is designed to protect your mortgage payments. The payments under a mortgage protection insurance policy are paid directly to your mortgage lender - this can be significant if you qualify for income support. Remember that under current legislation, your mortgage payments will not be paid for 9 months (and then only the interest on £100,000) and mortgage lenders will commence repossession after only 3. This is why mortgage protection insurance is still so important - despite the bad press recently.
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If you need further information about cheap cover, policy or providers or a plan then UK customers should contact us on 01388 607105 - we can provide affordable cover to protect your lifestyle.